Global energy company, QatarEnergy has entered into a 27-year sale and purchase agreement (SPA) with oil and gas enterprise, China Petroleum & Chemical Corporation (Sinopec) for the supply of 4 million tons per annum (3.6 million tonnes) of LNG to China.
Under the terms of the SPA, the contracted LNG volumes will be supplied from QatarEnergy’s North Field East (NFE) LNG expansion project and will be delivered to Sinopec’s receiving terminals in China.
President and CEO of QatarEnergy, Saad Sherida Al-Kaabi says: ‘We are pleased to enter into this agreement…it opens a new and exciting chapter in our relationship with Sinopec, one that is very special and spans a number of different areas, and which we are excited about further growing and expanding into the 2050s.’
MA Yongsheng, the chairman of Sinopec, adds: ‘The signing of the long-term LNG SPA with QatarEnergy is a milestone and an important part of the integrated cooperation between the two sides on the NFE project. Qatar is the world’s largest LNG supplier, and China is the world’s largest LNG importer…Our integrated cooperation with QatarEnergy on the NFE project could not only meet the needs of the Chinese market, but also reflect Sinopec’s commitment to a low-carbon, green, safe, responsible and sustainable development path.’
